Who Does the Closing Attorney Represent in Georgia?
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Georgia Real Estate Closing Laws
What does the closing attorney represent in Georgia? Learn how our experienced real estate lawyers can help protect your interests in a Georgia closing.
You have to consider several things when buying a house. Almost everyone thinks about the home’s location, design, and features.
But not as many people consider the laws that affect real estate transactions, although this is a crucial piece of the home-buying process. All 50 states in the United States have laws affecting real estate transactions.
Understanding these laws can give you an edge in your real estate transaction and prevent you from making mistakes that may cost you dearly.
Like all states, Georgia has laws that govern real estate transactions. If you’re looking to buy a house in Georgia, you need to understand the closing process and who will be involved. The closing attorney is one of the most important people in the closing process.
The Real Estate Closing Process
In Georgia, lenders commonly require a property appraisal to provide funds to a buyer. After the due diligence period, a lender will order a property appraisal report to determine the property’s market value. By Georgian law, property appraisals must be done by persons with the license to do so.
If a property appraisal ordered by the lender appraises the property at a value that the lender feels is too low, the lender may refuse to provide funding to the buyer. As a result, purchase and sale contracts are expected to include a clause subject to an appraisal accepted by the lender.
First, the closing attorneys will order a title search on the acquired property. A title search is performed for various reasons, including:
- To confirm the legal owners of the property.
- To establish whether the seller pays off debts or mortgages for the purchaser to gain clear title to the property.
After completing the title search, the closing agent will provide a commitment for title insurance (or title binder) to the lender and the buyer, outlining the requirements at closing. Any issues with the property’s title should be noted on the pledge, so it’s always good to get a copy.
All institutional lenders backing traditional mortgage loans require the buyer to obtain a lender’s title insurance, which protects the lender’s investment in the event of a future title difficulty.
Buyers also can purchase an owner’s title insurance policy to safeguard their ownership interest in the property. As the title insurance company’s agent, the closing attorney can explain the nuances of title insurance and its advantages in further detail at or before closing.
The attorney will draft the closing documentation and arrange for the closing ceremony after the lender has notified the necessary parties that the loan is ready to close.
The lender should give the buyer a closing disclosure outlining the loan conditions three working days before closing. Among these words are:
- Monthly payments
- Closing expenses
- Additional monies are required at the time of closing.
The closing ceremony is usually over in less than an hour. During the closing ceremony, the attorney will explain the closing paperwork to the seller and buyer and address any questions they may have.
At this point, you will see the need to hire a trusted Georgia real estate lawyer because the attorney will receive any closing funds that will be held in the attorney’s trust account at this ceremony.
Does Georgia Require an Attorney at Closing?
Does the Buyer Have to Be Present at Closing in Georgia?
Contact an Experienced Georgia Closing Attorney
Closing attorneys play a crucial role in real estate transactions as they ensure that both the buyer and seller comply with the terms of the contract. If you are buying or selling property, you must work with an experienced closing attorney who can handle your needs.
Contact a real estate lawyer today if you need assistance with real estate closing in Georgia. Your lawyer can protect your interests and ensure that the real estate purchase is completed according to the terms of the agreement.
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